Forex Trading Plan Preparation, A Complete Guide
Why Would I Write a Forex Trading Plan?
Currency Pairs To Write Trading Plans For
Trading Style For a Forex Trading Plan
Traders Challenge, Write A Forex Trading Plan Every Day
At Forexearlywarning, we are aware that some forex traders will never prepare a trading plan as long as they trade, this is why we have been in business 11 years writing trading plans for traders. We also know that many forex traders take short cuts because we see the indicators and scalping that are prevalent among retail traders. But we also see a handful of traders who want to analyze the market and truly enjoy doing so. For them, we suggest preparing your daily trading plans and compare your trading plans to ours every day. This can be an ongoing mentor program. For the rest of you it is okay to use our trading plans until you get the proper mindset to start doing it yourself, or until you have time in your schedule. Forex traders who prepare daily trading plans are part of an elite group. We suspect that less than 1% of traders have a written plan in front of them every day, and the results and ensuing lack of success are predictable. Establish a daily routine of writing your plans at specific times.
Forex Trading Plan Contents
Indicators to Use For Your Trading Plans
Analysis Technique For Preparing a Plan
Steps For Preparing A Plan
Best Time to Write A Trading Plan
Example Forex Trading Plan
Setting Your Forex Trading Plans in Motion
Developing Your Trading Writing Skills
It takes time to learn how to prepare a daily forex trading plan using these techniques. There needs to be a way for traders to prepare a daily trading plan and then check to see if they are doing it correctly. Here is what we suggest: Write your own daily trading plans then compare them to the published plans we have on our website. This way you can check your daily trading plans against our professionally written plans. We have been in business for years and we know how to do it. It will not be the best experience at first but you will keep improving until it is second nature.
To our knowledge this is the only way to get better at writing trading plans. We have not been able to locate any other forex websites that prepare daily trading plans, most forex traders are stuck using technical indicators and crappy robots that lose money. The forex industry has no focus on trading plans, we have been providing daily trading plans for 28 pairs for many years.
Summary and Conclusions
Only a tiny number of forex traders use a daily forex trading plan. This is sad, but with this article and the exact methods we present, this problem can be fixed. If you review 28 pairs daily you will find trending pairs regularly on the market. With our focus on the higher time frames pips will most often be available to capture. Plan your trades, know what pairs are trending, set the audible price alerts, watch the news calendar, etc, and be an informed trader. With great tools like The Forex Heatmap®, we feel as if executing your trading plans for a profit is a very high probability.